Short Sale Tax Consequences Coming Soon - List Now
You
may owe federal income taxes in 2013 if you have a short sale, foreclosure
after this year.
The government is giving homeowners until Dec. 31, 2012, to go through a short
sale or foreclosure without tax consequences provided your lender officially
releases the debt. You must make sure that your lender will do this. Your
realtor or attorney can help you with this.
Beginning
January 1, 2013 the fules change: The amount a lender forgives, ether in a
short sale or foreclosure, on a primary residence will be taxable on federal
income taxes.
The deficit from the short sale is taxed and depending on what tax bracket you
are in, the amount you would owe can vary.
Homeowners
would be on the hook even if the house sold but the bank had not formally
forgiven the loan in a letter: The banks must officially sign off in writing
before Dec. 31.
When
listing your short sale with a realtor, please make sure they are familar with
short sales. Many realtors, may have a SFR designation (as I have) which is a
Short Sales and Foreclosure Resource Certification which means that we took
educational classes on short sales.
We
will always keep you posted.
Have
a great day and enjoy!
ELSIE
KEMPSEY,SFR & JULIE LUDOVICO
Team
Tropic Hernando